ECONOMY

Regulator approves buyouts

Greece’s securities regulator has approved Cyprus’s Laiki Group’s public offer to buy Greek banks Marfin and Egnatia, it said on Friday. Laiki is offering 465.4 million new shares, valued at three Cyprus pounds each, to shareholders of Marfin and Egnatia in a bid valued in total at 1.39 billion Cyprus pounds (2.44 billion euros), as it seeks to merge the three lenders. The Cypriot bank is offering 5.7570 Laiki shares for each Marfin share and 1.2090 for each Egnatia share. It has valued Marfin at 30 euros a share and Egnatia at 6.30 euros per share. Marfin bought 1,278,682 million common and preferred shares of Egnatia Bank at 7.62 euros each through the Athens Stock Exchange. The shares amount to 1.2 percent of Egnatia’s outstanding shares. (Reuters)